However, ignore technical analysis for now, as today, at 18:00 GMT, the US Federal Reserve will hike their base interest rate. Depending on the size of the hike, the US Dollar is set to either surge or decline. Namely, the top fundamental event of them all is set to occur.
Economic Calendar Analysis
This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.
In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
EUR/USD hourly chart
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has found support in the lower trend line of the large scale channel down pattern, which has guided the rate down throughout 2022. In theory, the currency pair should recover until it encounters resistance. Resistance might be found in the previous low level zone at 1.0350/1.0400.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Tuesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 62% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to buy the Euro against the USD.
On Wednesday, traders were 62% long and orders were 54% to sell.